FivePoint Communities Inc., the Aliso Viejo-based real estate developer that’s running Irvine’s Great Park Neighborhoods and other large housing projects in the state, completed its initial public offering on Wednesday, raising close to $300 million.
The company priced its shares at $14, below the $18 to $20 range it previously estimated.
Shares were trading above $15 as of mid-day Wednesday, giving the company a market value of about $3.3 billion.
The company’s stock is trading on the New York Stock Exchange under the ticker FPH. The official name of the company is now listed in regulatory filings as Five Point Holdings LLC.
Along with the IPO proceeds, FivePoint is getting a $100 million investment from Miami-based homebuilder Lennar Corp., which spun off the developer in 2009.
Lennar already was the company’s largest investor; the latest investment boosts its holdings in FivePoint close to 40%.
Two other investment groups, New York-based Third Avenue Management LLC and Castlelake LP of Minneapolis, are both expected to purchase $25 million of the company’s stock as well in private placements.
